Latest Rent Collections and Notice of Half Year Results
Town Centre Securities Plc, today (19.01.21) provides an update on rent collections for the current English quarter and an update on previous collections since the beginning of the COVID-19 pandemic.
Collected and deferred rent receipts for the current quarter stand at 86% of the total due.
Consistent and reassuring collection level in current quarter
Rent Collections:
Current Quarter:
- TCS billed a total of £5.2m of rent and service charge (including VAT) for the English quarters payable on 25 December 2020 and 1 January 2021
- As of 18 January 2021, TCS had successfully collected £3.9m or 76%. A further £0.6m or 10% has been agreed to be deferred. This totals an agreed collection of £4.5m or 86%
- Collection levels for the latest quarter are consistent with previous quarters’ levels at this stage. We expect the 76% collection levels to rise as we have seen improvement in each successive quarter previously
- Of the £0.7m remaining, £0.05m has been waived with the remainder still due and under discussion
- Premier Inn, owned by Whitbread Plc, unexpectedly paid only half of their rent due for the latest quarter, leaving £0.1m unpaid, without any agreement.
March 2020 to December 2020:
- Therefore, since 25 March 2020, of the £24.6m cumulative rent and service charge payments that have fallen due and subsequently billed, we have collected £20.4m and agreed to defer a further £1.1m, totalling £21.5m; equivalent to 87% of the amounts due
- Of the £3.1m balance remaining:
o We have agreed to concessions totalling over £1.2m of this outstanding amount which will not be collected, mostly in return for an improvement in the terms or length of the lease
o We continue to work with the respective tenants on the balance of £1.9m
Cumulative total:
- Therefore, since 25 March 2020, of the £24.6m cumulative rent and service charge payments that have fallen due and subsequently billed, we have collected £20.4m and agreed to defer a further £1.1m, totalling £21.5m; equivalent to 87% of the amounts due
- Of the £3.1m balance remaining:
o We have agreed to concessions totalling over £1.2m of this outstanding amount which will not be collected, mostly in return for an improvement in the terms or length of the lease
o We continue to work with the respective tenants on the balance of £1.9m
Notice of half year results:
The Company intends to announce its half results for the six months ending 31 December 2020 on Wednesday 24 February 2021
Edward Ziff, Chairman and Chief Executive commented:
“We continue to experience a consistent and reassuring level of rent collection, despite the ongoing level of disruption as a result of COVID-19.
We firmly believe this reflects the quality, uniqueness and diversified nature of our portfolio and our collaborative, longstanding and strong relationships with our tenants.
Once restrictions lift, particularly following the disposals made at the start of this financial year, the business is in a strong position to continue its programme of reset and reinvigoration.”